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They've sold 4 Billion songs, 125 million TV shows, and 7 million movies. However, that 7 million mark is lower than they'd prefer. So today, Jobs has announced iTunes Movies Rentals.

On board - every major movie studio! Steve presented them with a "and by the way." They will launch with 1000 films by the end of February. They will be on iTunes 30 days after their DVD release. You can watch on iPhone.

You can also start watching within 30 seconds of downloading. You have 30 days to begin watching, then once it starts you have 24 hours to watch it. You can also transfer even as you're watching.

Older titles will be $2.99, new releases are 3.99. It launches today and free software updates are available for all compatible devices (iTunes, iPods, and iPhones)!

Movie rentals will also be available in HD quality for $1.00 more (That's $3.99 for DVD quality and $4.99 for HD quality). You can also shop for these movies directly from your television with Apple TV 2.